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Before you leap…Take a moment

I don’t tend to write my pieces quarterly or to a particular time frame. But more as something bubbles to the forefront of my consciousness.

In both my work and personal life, I am currently seeing signs of the great resignation that was predicted.

The pandemic is over, working life has changed for ever.  For many it doesn’t suit anymore and they will resign.  That was what was predicted and that is what seems to be happening.

Maybe you are someone for whom these feelings apply.

But if I may, might I ask you to ‘take a moment’ before you leap…..

Run through a checklist

If you are moving from full time work to part time.  Have you checked out what your new net pay will be?  Can you afford it?

Will your employment contract change and will you lose other benefits that only applied to full time workers?

Will you need to make extra ‘top up’ pension contributions?

If you are moving from employment to self-employment – I don’t want to be the one to ‘burst your bubble’ but often this transition is very hard and often the newly self-employed take 2 years to gain economic traction again.  Said with 30 years of experience supporting the self employed, not to be a kill joy.

Can you maintain your financial independence if this is something that is important and a priority for you. If your ‘new life dynamic’ relies on the financial input of another is that ‘control’ something you can live with?  And what would happen if they were to disappear.

Looking ahead – I think it would be fair to say the economic landscape in the UK is now changing, and not for the better. With this in mind as with every downturn there will be restructuring and redundancies ahead for businesses. So are you leaving a role with legacy employment rights, moving to a new role where you might end up being ‘the last one in’ at just the wrong moment?

If you are looking to support your living standards with investment returns, speak to your financial advisers and check their thoughts on how those returns will hold up  if we hit recession.

We may all have to make financial adjustments over the next year or so to deal with the cost of living increases – take or extend credit, restructure our mortgages, sort out car payments as legacy leases come to and end – that type of thing.  And these are best done when your earnings are arising from a source that has some longevity to it.  A track record.

I know the above sits me against the ‘zeitgeist’ – we should all have the privilege to choose our paths, live for today and do work that is fulfilling and aligns with our personal requirements.  I get it.  But, as I say above, just take a moment to think through some of the ‘boring stuff’ before you leap……

If you or a loved one is in immediate crisis...